Expect a rally to the level 1.4198 | 15 June 2021

Technical observation

GBP retraced to a supportive level it has established at 1.4082 but could not break below it, price bounced at the level and is currently trading with an increasing bullish bias. As long as GBP is contained above the level 1.4082, I expect this upwards movement to continue to the resistance zone 1.4203-1.4198 however, in case of a clear breakout below the same level with a big red candle, I expect the value of this pair to plummet towards the supportive level 1.4003. If you bought GBP at the level 1.4082 after a bounce, remain bullish with your take profit at 1.4198 and stop loss at 1.4052. I can only recommend short positions below 1.4082.

Trade recommendation

Remain long with your take profit at 1.4198.